Lt. Gov. Gerard Luz James, II told a gathering of tax professionals, U.S. exporters and Foreign Sales Corporation managers that in the wake of changes to the FSC industry, the Virgin Islands stands ready to be "the business platform for all their export related needs."
James made his remarks at a luncheon hosted by the Virgin Islands government Thursday at the 17th Annual Conference of the FSC/DISC Tax Association in Washington, D.C.
The conference ran from Wednesday through Friday.
A written statement from the Lieutenant Governor’s Office said James told the group "that considering the revolution in electronic communications and commerce, the territory hopes to build on the substantial strengths of our financial and management institutions, and our singular fortune to be part of the United States."
Also speaking on behalf of the Virgin Islands was Attorney Peter Hiebert, counsel for the Virgin Islands government, with the Washington, D.C. law firm of Winston & Strawn, and luncheon guest speaker Joe Englert, president and CEO of Export Assist, Inc., a San Francisco based company that manages FSCs in the Virgin Islands.
Englert urged the exporters to remain in the Virgin Islands because the territory can still be considered the "safest harbor" for their companies. He reminded them that they can perform their economic processes from the off-shore location and still remain in compliance with the new legislation and qualify for tax benefits.
James was accompanied by his wife and his body guard as well as by four staff members, attorney Deverita Sturdivant, Nathan Simmonds, chief of staff, Lorna Webster, director of the Corporate Division, and Jerain Fleming, public relations.